Industry Reports
US Private Label Credit Card Trends, 15th Edition Report
Packaged Facts’ US Private Label Credit Card Trends market research report analyzes the demographics of card users, the major players in the industry, and the other payment systems that are impacting private label credit card usage.
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Report Overview
Retail Categories Remain Key for Private Label Credit Cards
Private label credit cards have maintained their role in financing infrequent larger-ticket purchases. In retail categories such as home, jewelry, and auto, private label-only programs remain the rule and co-branded offerings are the exception.
Key Themes Covered in this Report:
- Increasing co-branded offerings and rising use of fintech financial services like Buy Now, Pay Later are impacting private label credit cards.
- Consumers aged 45 and older remain key users of private label credit cards.
- Using a private label credit card strongly correlates to shopping more frequently at the retailer brand on the card.
This report provides a wealth of insight on the US private label credit cards (PLCC) market. Analysis in this report includes:
- Payment value and loan receivables estimates for the PLCC market for 2019-2025
- PLCC payment value and loan receivables forecasting for 2025-2027, with forecast factors
- Trended PLCC payment value and loan receivables estimates for key issuers, including Bread Financial, Capital One, Citibank, Synchrony Financial, TD Bank, and Wells Fargo
- Consumer engagement with major PLCC program and retail segments from 2019 through 2025
- PLCC loyalty analysis by demographic from 2019 through 2025
- Detail on more than 20 individual PLCC programs, inclusive of payment value and loan estimates
- Consumer ownership, use, and usage frequency of PLCCs segmented by retailer type
- Which PLCC features and benefits cardholders view as most important
- Detailed breakdowns of private label card programs operated by the industry’s leading financial institutions, including Bread Financial, Capital One, Citibank, Synchrony Financial, TD Bank, and Wells Fargo
US Private Label Credit Card Trends Report Details
| Current Total Payment Value | $176.4 billion |
| Forecast Total Market Growth Rate | -3.9% CAGR from 2025-2027 |
| Historical Period | 2019-2025 |
| Forecast Period | 2025-2027 |
| Units Covered | US dollars |
| Countries Individually Covered | United States |
| Additional Elements | Review of major PLCC issuers, survey data regarding PLCC ownership and usage |
Leading Companies Driving Trends in the Private Label Credit Card Industry
| Bread Financial | Synchrony Financial |
| Capital One | TD Bank |
| Citibank | Wells Fargo |
Large-Ticket Purchases Remain a Private Label Card Stronghold
A look at issuer card programs reveals that PLCCs have maintained their role in financing infrequent larger-ticket purchases. In retail categories such as home, jewelry, and auto, private label-only programs remain the rule and co-branded offerings the exception.
The same is true for smaller, niche specialty retail programs. For example, by our count, Bread has eight private label/co-branded programs, almost all of which serve large, national retailer brands such as Saks Fifth Avenue, Ann Taylor, and Victoria’s Secret. But it also has 24 private label-only programs, ranging from Boot Barn to The Children’s Place to Burlington.
We do, however, view BNPL as a significant threat to these private label stalwarts. Affirm, for example, can be used to finance larger consumer purchases. And at jeweler Tourneau, once a Bread PLCC partner, Affirm is now the lone financing option.
US Private Label Credit Cards Report Scope
Analysis in the Private Label Credit Cards in the US, 15th Edition includes:
- Payment value and loan receivables estimates for the US private label credit card (PLCC) market for 2019-2025
- PLCC payment value and loan receivables forecasting for 2025-2027, with forecast factors
- Trended PLCC payment value and loan receivables estimates for key issuers, including Bread Financial, Capital One, Citibank, Synchrony Financial, TD Bank, and Wells Fargo
- Consumer engagement with major PLCC program and retail segments from 2019 through 2025
- PLCC loyalty analysis by demographic from 2019 through 2025
- Detail on more than 20 individual PLCC programs, inclusive of payment value and loan estimates
- Consumer ownership, use, and usage frequency of PLCCs segmented by retailer type
- Which PLCC features and benefits cardholders view as most important
- Detailed breakdowns of private label card programs operated by the industry’s leading financial institutions, including Bread Financial, Capital One, Citibank, Synchrony Financial, TD Bank, and Wells Fargo
- Executive Summary
- Scope of Report
- Report Methodology
- Consumer Survey Methodology
- Secondary Research Methodology
- Executive Summary
- Private Label Credit Cards Market Size and Forecast
- Growth Drivers and Inhibitors
- Credit Card Usage Trends
- The Private Label Credit Card User
- Private Label Credit Card Use By Major Card Program and Retail Segment
- Importance of Private Label Credit Card Features
- Private Label Credit Card Issuers
- Market Size and Forecast
- Six Issuers Dominate the Market
- Payment Value Declines for Three Consecutive Years
- Table | US Private Label Credit Card Payment Value, 2019-2025 (billion dollars and percent)
- Payment Value Declines Across Key Issuers
- Table | US Private Label Credit Card Payment Value by Issuer, 2019-2025 (billion dollars and percent)
- Loan Receivables Peaked in 2023
- Table | US Private Label Credit Card Loan Receivables, 2019-2025 (billion dollars and percent)
- Synchrony Bucks Loan Receivables Trend
- Table | US Private Label Credit Card Loan Receivables by Issuer, 2019-2025 (billion dollars and percent)
- Not Included: The Enormous MILITARY STAR Card Program
- Payment Value Declines for Three Consecutive Years
- Private Label Credit Cards Market Forecast
- Growth Challenges Do Not Erase the Important Role These Cards Play
- But Payment Value and Loan Growth Pressure Will Continue
- Table | US Private Label Credit Card Payment Value and Loan Receivables, 2025-2027 (billion dollars and perc
- Six Issuers Dominate the Market
- Growth Drivers and Inhibitors
- Overview
- Growth Inhibitors
- Co-Branded Credit Card Conversions Eat Away at Large Private Label Accounts
- Declining Gen Z Private Label Card Usage Bodes Ill for Growth
- Buy Now, Pay Later Makes Inroads
- Fintech Financial Services Ecosystems Draw Away Customers
- Drivers
- Large-Ticket Purchases Remain a Private Label Card Stronghold
- Expansion Into New and Underpenetrated Industry Verticals
- If You Can’t Beat Them, Join Them: Credit Product Diversification
- Credit Card Usage Trends
- Private Label Cards Struggle to Keep Up
- Consumer Credit Card Usage Overall Remains Robust
- Table | Credit Card Ownership and Usage in Last 30 Days, 2021-2025 (percent)
- Private Label Cards Have Lost Ground to Co-Branded Credit Cards
- Table | Credit Card Ownership: Any, Co-Branded, and Private Label, 2021-2025 (percent)
- Table | Credit Card Usage in the Last 30 Days: Any, Co-Branded, and Private Label, 2021-2025 (percent)
- Demographic Segmentation: HH Income and Net Worth
- Table | Credit Cards in Own Names by Consumer HH Income and Net Worth: Bank-Issued Credit Cards, Co- Branded
- Consumer Credit Card Usage Overall Remains Robust
- Private Label Cards Struggle to Keep Up
- The Private Label Credit Card User
- Overview
- Card Ownership and Active Use Wane While Engagement Rates Are Maintained
- Table | Private Label Credit Cards: Own, Used in Last 30 Days, and Active Usage Rate, 2021-2025 (percent)
- Frequency Rates Remain Stable-High-Frequency Usage Share May Have Grown
- Table | Private Label Credit Card Use in Last 30 Days: Usage Frequency Share, 2021-2025 (percent)
- Card Ownership and Active Use Wane While Engagement Rates Are Maintained
- Private Label Credit Card Ownership and Usage Frequency by Age
- Low Usage Rates Among Younger Adults Poses Industry Challenges
- Table | Private Label Credit Card Ownership, Use, and Usage Frequency by Age, 2025 (percent)
- Table | Private Label Credit Card Ownership, Use, and Usage Frequency Share by Age, 2025 (percent)
- Table | Likelihood of Having a Private Label Credit Card vs. a Co-Branded Credit Card or Any Credit Card by
- Trends Over Time: Penetration Declines Steepest Among Younger Consumers
- Table | Private Label Credit Card Ownership, Use, and Usage Frequency by Age, 2021 vs. 2025 (percent)
- Low Usage Rates Among Younger Adults Poses Industry Challenges
- Private Label Credit Card Ownership and Usage Frequency by Gender
- Private Label Credit Card Gender Gap
- Table | Private Label Credit Card Ownership, Use, and Usage Frequency by Gender, 2025 (percent)
- Table | Private Label Credit Card Ownership, Use, and Usage Frequency Share by Gender, 2025 (percent)
- Trends Over Time: Penetration Declines Steeper Among Men
- Table | Private Label Credit Card Ownership, Use, and Usage Frequency by Gender, 2021 vs. 2025 (percent)
- Private Label Credit Card Gender Gap
- Private Label Credit Card Ownership and Usage Frequency by HH Income
- Private Label Credit Cards Open Credit Usage to Those with Lower HH Income
- Table | Private Label Credit Card Ownership, Use, and Usage Frequency by HH Income, 2025 (percent)
- Table | Private Label Credit Card Ownership, Use, and Usage Frequency Share by HH Income, 2025 (percent)
- Trends Over Time: Declines Are More Uniform Across HH Income Brackets
- Table | Private Label Credit Card Ownership, Use, and Usage Frequency by HH Income, 2021 vs. 2025 (percent)
- Private Label Credit Cards Open Credit Usage to Those with Lower HH Income
- Overview
- Private Label Credit Card Use by Major Card Program and Retail Segment
- Private Label Credit Card Use by Major Card Program
- Table | Private Label Credit Card Usage by Retailer Card Program: Have in Own Name, Used in Last 30 Days, an
- Table | US Private Label Credit Card Adoption by Retailer Brand: Have in Own Name, 2021-2025 (percent of adu
- Table | US Private Label Credit Card Adoption by Retailer Brand: Used in Last 30 Days, 2021-2025 (percent of
- Table | US Private Label Credit Card Adoption by Retailer Brand: Share of Owners Who Used Cards in Last 30 D
- Loyalty Analysis Confirms What Private Label Issuers Want to Hear
- Table | Retailer Brand Usage Frequency by Private Label Credit Card Ownership and Usage in Last 30 Days, 202
- Table | Private Label Credit Card Ownership by Retail Brand Usage Frequency, 2025 (percent of adults)
- Private Label Credit Card Use by Retail Segment
- Table | Private Label Credit Cards That Consumers Have and Use Most by Retail Category, December 2025 (perce
- Gender Divide
- Table | Private Label Credit Cards That Consumers Have by Retail Category and Gender, December 2025 (percent
- Private Label Credit Card Use by Major Card Program
- Importance of Private Label Credit Card Features
- Top Five Most Important Features and Benefits
- Table | Private Label Credit Card Features That Users Deem Most Important: Top Five Features, December 2025
- Exclusivity Pays Providers Mixed Dividends
- Table | Private Label Credit Card Features That Users Deem Most Important, 2025 (percent)
- Top Five Most Important Features and Benefits
- Private Label Credit Card Issuers
- Bread Financial
- Bread Financial Partnership Analysis
- Table | Bread Financial Payment Value Share by Partner Vertical, Q3 2019 vs. Q3 2024 (percent)
- Table | Bread Financial Partner Verticals by Payment Value, Partner Count, and Average Sales Per Partner, 20
- Table | Bread Financial Partner Verticals by Loans Outstanding, Partner Count, and Average Loans Per Partner
- Table | Bread Financial Partner Verticals by Payment Value, Loans Outstanding, and Payment Value-to-Loan Rat
- Private Label Credit Card Payment Value and Loan Value Analysis
- Table | Bread Financial Payment Value: Private Label Credit Card vs. Other, 2019-2025 (billion dollars and p
- Table | Bread Financial Loans Outstanding: Private Label Credit Card vs. Other, 2019-2025 (billion dollars a
- Bread Program Partners Are Mostly Private Label-Only
- Bread Financial Partnership Analysis
- Capital One
- Capital One Private Label Credit Card Programs
- Table | Capital One Credit Card Brands by Card Type and Retail Category, 2025
- Kohl’s Goes Co-Brand
- Capital One Private Label Credit Card Programs
- Citibank
- Citi-Branded Cards vs. Citi Retail Services
- Table | Citibank North American Card Payment Value & Loans Outstanding: Retail Card Services vs. Citi-Brande
- Citi Private Label Credit Card Programs
- Table | Citibank Retail Services Credit Card Brands by Card Type and Retail Category, 2025
- Table | Citibank Retail Services Credit Card Payment Value and Loans Outstanding: Co-Branded vs. Private Lab
- Citi-Branded Cards vs. Citi Retail Services
- Synchrony Financial
- The Largest Private Label Credit Card Issuer in the US
- A Growing Set of Co-Branded/Dual Card Offerings
- Retail Stalwarts, Digital Brands, and Health & Wellness Credit Products Outperform
- Table | Synchrony Financial Credit Product Payment Value by Sales Platform, 2019-2025 (billion dollars and p
- Health & Wellness Partner Brands Led Loan Receivables Growth
- Table | Synchrony Financial Credit Product Loan Receivables by Sales Platform, 2019-2025 (billion dollars an
- But With More Than 160 Partnerships, Private Label Remains Very Important
- Private Label Program Wins, Losses, and Dispositions
- Private Label Credit Card Growth Lags Other Credit Products
- Table | Synchrony Financial Payment Value: Consumer Private Label Credit Cards vs. Other Credit Products, 20
- Table | Synchrony Financial Loan Receivables: Consumer Private Label Credit Cards vs. Other Credit Products,
- TD Bank
- Table | TD Bank US Private Label Credit Card Payment Value and Loan Receivables, 2019-2025 (billion dollars
- More Than $20 Billion Spent via Target Circle Cards
- Customer Loyalty Emphasized Over Card Choice?
- Target Circle Debit Card Drives the Most Sales
- Table | Target Corporation Private Label and Co-Branded Card Payment Value, 2025 (billion dollars)
- Nordstrom Card Program Chugs Along
- Table | Nordstrom Private Label and Co-Branded Card Payment Value, 2019 vs. 2025 (billion dollars)
- Retail Card Services exit
- Wells Fargo
- Own-Branded Credit Card Pivot
- Dillard’s Sale Leaves Wells Fargo with Larger-Ticket Programs
- Table | Wells Fargo US Private Label Credit Card Payment Value and Loan Receivables, 2019-2025 (billion doll
- Bread Financial
- Appendix
- Methodology
- Terms and Definitions
How can this report help my company grow private label credit card market share?
This report can help industry participants 1) validate demographic strengths and weakness and target prospects and users accordingly, 2) gain competitive insight into the size and growth of PLCC programs by issuer and retail partner, and 3) update PLCC features to competitive effect.
What kind of data is included in this report?
This report features proprietary market sizing for US PLCC payment value and loan receivables by market, issuer, and key programs. It also features proprietary survey data trended over time to identify evolving demographic strengths and weaknesses and assess the correlation between PLCC use and retailer loyalty. Survey data is also used to pinpoint which PLCC features and benefits cardholders view as most important.
What types of loan products are covered in this report?
This report includes analysis of private label credit cards (PLCCs) issued across the retail landscape.
